The difference between CI and SI on Rs. 2300 for 2 years at 10% is: MCQ with Answer and Explanation

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The difference between CI and SI on Rs. 2300 for 2 years at 10% is:

A. Rs. 24

B. Rs. 21

C. Rs. 22

D. Rs. 23

Answer: Option D

Solution (By JKSSB Mock Tests)

D = 2300 × 0.01 = Rs. 23.

This question belongs to: Maths Compound Interest

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Question #1

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Find the compound interest on Rs. 5000 at 12% per annum for 1 year, compounded half-yearly.

A. Rs. 600

B. Rs. 624

C. Rs. 618

D. Rs. 636

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Correct Answer: Option C

Explanation:
For half-yearly compounding, New Rate = 12/2 = 6% per half-year, and Time = 2 half-years. Amount = 5000 * (1 + 6/100)^2 = 5000 * 1.1236 = Rs. 5618. Compound Interest = 5618 - 5000 = Rs. 618.

This question belongs to: Maths Compound Interest

Question #2

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Find the compound interest on Rs. 500 at 10% per annum for 2 years.

A. Rs. 110

B. Rs. 100

C. Rs. 115

D. Rs. 105

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Correct Answer: Option D

Explanation:
A = 500 × 1.21 = 605, CI = 605 − 500 = Rs. 105.

This question belongs to: Maths Compound Interest

Question #3

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A sum of money at compound interest doubles in 5 years. In how many years will it become 4 times?

A. 8 years

B. 12 years

C. 15 years

D. 10 years

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Correct Answer: Option D

Explanation:
2²=4, so 5×2=10 years.

This question belongs to: Maths Compound Interest

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